Now, goalgamiPro leverages Veo® Open Access from TD Ameritrade Institutional, streamlining the process of entering household asset information into the software.
“We’re fully integrated with Veo,” said Ringquist, “[allowing] advisors to bring accounts and holdings data into the application, which eliminates all that time and makes quick planning even quicker.”
goalgamiPro has also added a new data sheet with cash flow illustrations, further enhancing the conversations advisers can have with clients about planning opportunities.
“There are two ways to look at the viability of goal planning: one is through the balance sheet, but it doesn’t address ‘financeability,’ when cash will be available to meet goals,” added Ringquist. “So we’ve provided that cash flow report [which is] another way to evaluate the client’s goal plan.”
Orion Advisor Services is the beneficiary of a one-two combination of innovative technology
While attending the TD Ameritrade Institutional 2013 National Conference last week, I connected with Jon Reiners, director of institutional business development for Orion Advisor Services.
In our conversation, Reiners announced that the leading portfolio service bureau recently surpassed $100 billion in total assets administered under its platform.
“Of that $100 billion in assets we have,” said Reiners, “$35 billion is collectively here with TD Ameritrade.”
Also, Reiners detailed one new feature to be released in the next few weeks called Orion Mail, where statements suitable for email are automatically generated using custom Orion report data.
With the TD Ameritrade Institutional 2013 National Conference wrapping up today, I got a late start on aggregating the best tech news from around the industry this week.
Nevertheless, you still have Saturday and Sunday to review this week’s stories of interest:
[This is a video filmed at the TD Ameritrade conference right after I presented about hacking and spoofing attacks targeted at financial advisers. I cover some of the popular schemes out there and a few clever ways to authenticate the identity of your clients.] Tech consultant Bill Winterberg recommends steps to help protect clients from hacking, phishing and spoofing.
[The big tech news out of TD Ameritrade’s conference was the announcement that iRebal will soon be free for advisers who custody with TD Ameritrade, and the software will be delivered over the cloud.] TD Ameritrade’s rebalancing software will soon be available online via the cloud and at no additional cost to affiliated advisers.
[Yes, TD will soon offer iRebal for free to advisers, but that doesn’t mean all advisers are going to use it. There are still other rebalancing solutions out there are a variety of price points with different functionality. So here’s a move from RedBlack to get onboard with Veo Open Access and streamline trading for advisers using a multi-custodial rebalancing system.] RedBlack Software, LLC, the largest independent provider of portfolio rebalancing software for the investment management industry, today announced the successful integration with TD Ameritrade Institutional through their Veo® platform.
TD Ameritrade’s rebalancing software will soon be available online via the cloud and at no additional cost to affiliated advisers.
In a press release today, TD Ameritrade Institutional announced that it will soon offer its proprietary iRebal® portfolio rebalancing software directly through the cloud. Also, advisers who custody assets with the custodian can access the web-based version of iRebal for free.
“With iRebal in Veo, advisers can reduce weeks-long processes down to minutes, putting them in a better position to pursue potential opportunities, react to changing market conditions and ultimately provide more valuable service to their clients,” said Tom Nally, president, TD Ameritrade Institutional, in the press release.
Although I have no official metrics, iRebal seemed to have leveled off in its growth of new users, so this move will no doubt put the software package back on the growth track.
Not only that, but eliminating the cost of the software for advisers who custody with TD Ameritrade Institutional should attract a significant number of the company’s 4,500 RIA custody clients.
Because of its high cost of ownership, rebalancing software has historically been within reach of only the largest RIAs.
Now with no fee, iRebal in the cloud puts significant pressure on vendors such as Tamarac, RedBlack, TRX, BlazePortfolio, and more.
The desktop version of iRebal will still be sold to “well-established” advisers, according to the press release, with pricing of a one-time $10,000 implementation fee and AUM-based pricing starting at $20,000.
Pareto Platform, Tamarac Advisor CRM, Junxure CRM and Advisors Assistant are now integrated with the custodian’s Veo® open access platform
In a press release today, TD Ameritrade Institutional announced that it has added four new integrations of CRM software to its Veo® open access platform, bringing the number of CRM integrations supported up to a total of seven.
Existing CRM software integrations included Salesforce, Ebix and Redtail, where advisers can customize a dashboard to view total client holdings with data provided via TD Ameritrade Institutional Veo® open access connections.
In the press release, Jon Patullo, managing director of technology product management, TD Ameritrade Institutional, said, “Technology that helps an advisor manage a better client experience is becoming increasingly important. By integrating data between Veo and CRM systems, advisors are now armed with a more robust CRM system that can help boost productivity, improve client service, and streamline numerous tasks so advisors can spend their time on what matters most – their clients.” (see: TD Ameritrade Institutional’s Veo® Open Access to enhance trading, fee billing, and client on-boarding processes)
Since its launch in July 2010, Veo® open access now offers integrations with over 60 technology vendors spanning advisers’ critical systems including CRM, portfolio management, financial planning, and document management software. For more information about Veo® open access, visit TD Ameritrade Institutional online at http://www.tdainstitutional.com/
[Over 10+ years, Junxure desktop has attracted 10,000 users across 1,500 firms. It’s a great accomplishment for a niche CRM provider, but the momentum and innovation in cloud services, including cloud CRM, is challenging Junxure’s raison d’être. Will they be able to successfully pull off a transition of some or all of their users to the cloud?] As Greg Friedman takes Junxure to the cloud, he’s taking the gloves off with Salesforce — bolstered by new technology and a sense that the CRM giant is leaving much on the table in functionality and quality of service.
[Microsoft’s surface has a huge gap to close if it wants to be a contending tablet. Apple’s iPad has sold over 100 million units worldwide, and Microsoft chooses not to disclose early numbers of its Surface RT. Will the introduction of the $900 Surface Pro change anything? I doubt it.] Along with Windows 8 tablets for sale this year is Surface, a Windows 8 tablet that is meant to bully the iPad into submission. The likelihood of that in the near future? Slim, says financial services experts.
[Isn’t Morningstar Office supposed to be rebuilding their internal rebalancer? I’ll need to check with them once again, but for now, advisers using TRX’s rebalancer (see: Total Rebalance Expert CEO Sheryl Rowling on how rebalancing software saves advisers $325,000 per year) don’t have to wait for Morningstar anymore in the wake of this latest integration.] Total Rebalance Expert (TRX) today announced a data integration agreement with Morningstar, Inc., a leading provider of independent investment research. Now, advisors can automatically import their portfolio data from Morningstar Office(SM), a global practice and portfolio management platform for independent financial advisors, into TRX’s software platform to streamline and simplify the rebalancing process.
[You’re likely aware you have alternatives in portfolio management software to the heavyweight products from Advent, Schwab, and Albridge. AssetBook, born from descendants of dbCAMS, is a very good and low-cost solution with many of the same features offered by those mentioned earlier. It’s also a service bureau, meaning you don’t need to spend each morning reconciling transactions and new positions that come in your overnight data feeds. So for less than $30/account/year, AssetBook is one to consider for advisers looking to move to the cloud and to benefit from the experience and service of a portfolio services bureau.] AssetBook Inc. has long been a niche choice for smaller RIAs looking for an affordable platform. But, with a new portfolio-reporting platform full of bells and whistles expected to roll out in the first quarter of 2013, the McHenry, Md.-based software company is luring larger firms away from more established competitors.
[Let’s cut to the chase: TDAI’s Veo® Open Access now has over 60 vendor integrations, received the most “very satisfied” ratings in this year’s Financial Planning Tech Survey, and services thousands of TDAI’s 4,500 RIAs. If you had to start over today and choose a new custodian, who would you choose?] TD Ameritrade Institutional’s Veo(R) open access initiative, an industry wide-effort to deliver quality technology integrations to advisors, has helped the custodian secure top scores for advisor satisfaction in this year’s Financial Planning Tech Survey.
[What does a custodian do once they have their “technology part (largely) finished?” According to Mike Durbin, Bob Oros, and David Canter of Fidelity Institutional Wealth Services, the custodian continues to bolt on value-add components to its adviser toolkit, with a nod to expanded practice management, marketing, and valuation and M&A resources.] With nearly all its advisors finally transitioned onto its ambitious new technology platform, WealthCentral, Fidelity Institutional Wealth Services is feeling confident in the foundation it’s provided for advisors, especially the breakaways that have been its bread and butter. Now, the second-largest custodian is ready to offer consulting style services — marketing consultations, strategic planning sessions and M&A facilitating — to help create new RIAs, not just attract breakaways.
[TD Ameritrade Institutional’s Veo® Open Access has been available to third-party vendors since January 2011 (see: TD Ameritrade Institutional’s Veo® Open Access to enhance trading, fee billing, and client on-boarding processes), and currently has over 60 vendors integrated in one from or another. Finally, Junxure CRM is integrated with Veo® Open Access to access client account data held at TD Ameritrade Institutional inside Junxure and manage alerts along with Junxure workflow.] Continuing its reputation as a leader in technology integration for financial advisors, Junxure is excited to offer CRM integration with Veo® Open Access from TD Ameritrade Institutional.
[Schwab’s OpenView Integrated Office™ offering (say that three times fast!) will now integrate with web-based document management software NetDocuments. It’s a fairly straightforward pairing, as NetDocuments has been closely tied to Salesforce CRM for a number of years now, and because Integrated Office is a Salesforce overlay, dropping in NetDocuments is a no-brainer. According to sources inside Schwab, access to the program is included in the cost of Integrated Office. My last pricing quote from Schwab was $10,000 per year for two seat licenses and up to 150 accounts, which Brian Shenson announced at the T3 Conference earlier this year.
Oh, and PortfolioCenter ™ gets an update on securities management and fee billing modules, plus the PortfolioCenter Hosted product will be rolled out “soon” at a cost of roughly $48/account/year. And I don’t think that price includes any outsource reconciliation services a-la BOSS.] A Charles Schwab & Co. subsidiary that offers technology services for independent financial advisors announced changes today that improve document and portfolio management systems.
[Woah, Cambridge just laid the smack-down on most major custodians. For the longest time, custodians have alluded to the use of esignature technology like DocuSign to facilitate a truly end-to-end paperless process for most forms. Evidently, Cambridge is now offering just that to its reps, all free of charge (or at least, rolled up in Cambridge’s cut of GDC).] Cambridge Investment Research, Inc. (Cambridge) announced it is launching a new eSignature program for use with clients by its independent financial advisors. Partnering with DocuSign, Cambridge is rolling out an electronic signature option compatible with most desktop and mobile devices used by rep-advisors and their clients.
[In a trend among investment managers, Invesco now offers an iPad app advisers and investors can use to access news, commentary, product information, and videos. You could access all that from Invesco’s website, but why would you want to when you can curl up on the sofa and browse the app in your downtime? By the way, this app is very well executed. No fluff here. See the demo video below.] Invesco, a leading investment manager, announced today the launch of a free iPad® app, available from the App Store(SM), that will provide on-the-go access for financial intermediaries and investors to essential investing resources.
Here’s a thought; move your stuff 800 miles, update the address on all your cars, credit cards, investment accounts, etc., then prep for a two week vacation! That’s been my summer in a nutshell, stepping away only a few times to prepare the best news in financial planning technology just for you.
[“Weight Watchers meets personal finance” is how LearnVest founder Alexa von Tobel describes her company. Having grown to over 65 people, von Tobel describes in the video below how her goal is to help everyone sleep better at night and enrich their lives through sound financial advice.]
[TD Ameritrade Institutional continues to expand the capabilities of its Veo® Open Access platform (see TD Ameritrade Institutional’s Veo® Open Access to enhance trading, fee billing, and client on-boarding processes). This time the custodian couples its iRebal rebalancing software with Veo’s API to streamline trade order processing and reduce manual entry errors.] TD Ameritrade Institutional has linked two of the jewels in its software crown and the combination may be a multi-carat combination — at least for the relatively small cadre of RIAs who use iRebal.
[Krisan’s BackOffice, Inc. is an outsource provider for Schwab Performance Technologies® PortfolioCenter®. In this post, limited scope examination criteria from the SEC is broken down into the various fields and reports that can be used to satisfy auditors. It’s a helpful overview of how extensive even a “limited scope” request can be, and an eye-opener for advisers who insist on managing portfolio accounting software on their own.] When the SEC auditors come knocking, they usually require lengthy, detailed information about your business. Fortunately, PortfolioCenter can help — assuming you keep your PortfolioCenter database complete and accurate, and you have the right Smart Sets.
A decent pace of technology news has returned, with this week’s Bits & Bytes featuring a variety of worthwhile stories.
First, read Avoid Legacy Portfolio Software Constraintsat Morningstar Advisor to learn how you can switch portfolio management software without incurring huge transition times or astronomical fees.
[You are not clueless when it comes to the term “robo-advisors.” (watch the two-part video, Competing Against “Robo Advisors:” Delivering Advice in a New World from T3 2012) Personal Capital, Wealthfront, LearnVest, and others have been highlighted here before, and Jonathan Leaf provides a new update in this Financial Planning magazine update.] Imagine being replaced by a robot. That day may be more imminent than many planners believe. In the past two years, a number of online financial platforms for investors have been launched. These sites offer computerized investment guidance aimed not only at the smallest customers, but also at those with upward of $250,000 in investable assets.
[The last time I saw significant news concerning TD Ameritrade’s iRebal software was back in August 2010 when RIABiz posted their overview of the product. This week, the growing custodian announced several enhancements to the stalwart application. I’m taking a look at the updates later this afternoon.] ThinkTech Inc., a TD Ameritrade affiliate, recently announced a number of major enhancements to iRebal, its highly-regarded intelligent rebalance and trade order management system.
[Custodians continue to ramp up their value-add practice management resources as a competitive differentiator. In this update, Schwab Advisor Services announces new content for its nationwide traveling workshop.] Schwab Advisor Services today is expanding its “Insight to Action” practice management consulting program for its registered investment advisors customers that provides support on growing and managing their businesses.
[Here’s another reminder how important it is to have a good backup routine and policy, not just for your business information, but your personal data, too. Details of Wired magazine contributor Mat Honan’s loss of photos and other personal files as a result of a hack were syndicated across hundreds of websites this week. So take the prompt as a reminder to back up your files; something bad will eventually happen to your hard drive, so don’t be without a plan. Me? I have a Time Capsule for my Mac.] Please back up your personal computers, especially photos and things of sentimental value, whether you use a Windows-based or Mac system.
While last week was an onslaught of news, this week the flow was reduced to a trickle. Having returned from giving a presentation in San Francisco yesterday, my focus is now on my move to Atlanta in July.
[Finally, Schwab gets onboard with iOS devices and now has an app for iPhone. But wait: it doesn’t feature trading, it doesn’t have streaming financial news… well, it’s a good version 1.0, but advisers already have more functionality out of the apps from Fidelity (see Fidelity WealthCentral Mobile now available for iPad) and TD Ameritrade Institutional (see Exclusive look at Veo® Mobile app updates for iPad from TD Ameritrade Institutional’s Jon Patullo).] After a successful pilot, Charles Schwab announced today that it will roll out the first version of the new Schwab Advisor Center app for the iPhone. Starting today, independent investment advisors who custody assets with Schwab Advisor Services can download the app to view their clients’ account balances, positions and transactions, allowing them to easily tap into the real-time data they need from Schwab Advisor Center while on the go.
[Smarsh knows a lot about compliance and archiving, having a commanding presence in the broker-dealer industry as well as a decent number of independent RIA clients. In this second update to its compliance survey, you can identify the hot topics that concern compliance professionals. Hint: Mobile, social, and website archiving are trouble spots for advisers.] Smarsh®, the managed service leader in secure, innovative and reliable email archiving and compliance solutions, today released its second annual Electronic Communications Compliance Survey report, revealing the findings of a survey of compliance professionals in the financial services industry.
